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Zimbabwe diamond operations rated as among the best in Africa | Coastweek

HARARE Zimbabwe (Xinhua) -- A barefoot street vendor [left] is caught up during clashes in Harare. Zimbabwe police fired teargas at stone-throwing vendors [right] resisting removal from city streets on Tuesday in the latest flare-up of protests. XINHUA PHOTOS

Zimbabwe diamond operations rated as among the Best In Africa

HARARE Zimbabwe (Xinhua) -- Diamond operations in Zimbabwe are among the best in Africa despite criticism by some Western-backed organizations, a Kimberly Process Certification Scheme (KPCS) official said Wednesday.

KPCS chairman Ahmed Bin Sulayem said this after touring diamond mines in Chiadzwa in eastern Zimbabwe this week.

"The mines in Marange are in one of the best conditions compared to other mines in Africa," Bin Sulayem was quoted as saying by the state-run news agency New Ziana.

The KP chairman was in Zimbabwe on a familiarization tour of the country’s diamond industry.

The KP, an international body charged with preventing trade of conflict diamonds, once banned Zimbabwe from selling its diamonds on allegations of human rights abuses in Chiadzwa.

The country, however, regained KP certification in 2010 but the country continues to receive criticism from Western backed Non-Governmental Organizations.

The government early this year consolidated operations of the seven diamond firms in Chiadzwa into one firm, the Zimbabwe Consolidated Diamond Company, in which the government owns 50 percent while the firms which previously owned the ventures share the remaining 50 percent.

The government said it forced the move to increase transparency in diamond marketing but this raised fears in some quarters that the country could once again attract sanctions from the KPCS.

Discovered in 2006, the Chiadzwa fields are estimated to contain deposits that have capacity to supply 25 percent of world demand.

While the diamond sector had been widely expected to spur economic revival efforts, it has however grossly under-performed.

According to the government, rough diamond output for 2016 is expected to fall far below the projected six million carats, after only 972,000 carats were produced in the first half of the year.


Zimbabwe scraps double taxation with China to boost co-operation

HARARE Zimbabwe (Xinhua) -- The Zimbabwean government enacted a law last week to remove double taxation for individuals and firms doing business between Zimbabwe and China to boost economic cooperation between the two nations.

Under the Statutory Instrument, investors in any of the two states would only be taxed in their country of operation in a move that is also expected to improve the ease and cost of doing business for expatriate workers of both countries.

"Agreement shall apply to taxes on income imposed on behalf of Contracting States or of its local authorities, irrespective of the manner in which they are levied," reads part of the Statutory Instrument.

The law follows an agreement concluded between Zimbabwe and China early this year to relieve double taxation of income earned in one jurisdiction by the resident of the other.

The law also clarifies, standardizes and guarantees fiscal treatment of tax payers who engage in business in the two countries to protect them against double taxation.

Economic cooperation between Zimbabwe and China has grown steadily in recent years, with China now being Zimbabwe’s biggest foreign investor and second largest trading partner.

Bilateral trade between the two countries reached 1.24 billion U.S. dollars in 2014.



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